This pamphlet provides an overview of homestead filing. Topics covered include the purpose of homestead laws, general requirements, and homestead waivers.
District of Columbia USLegal Pamphlet on Homestead Filing
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Homestead includes real or personal property a dependent of the owner uses as a residence. A dependent has the same meaning as in federal bankruptcy code. A dependent of a homeowner is not required to sign off on any documents needed to transfer the property.
Filing for the Homestead Exemption can be done online. Homeowners may claim up to a $50,000 exemption on their primary residence. The first $25,000 of this exemption applies to all taxing authorities.
Homeowners in DC can file an application with the Office of Tax and Revenue for a Homestead Deduction. The primary benefit of the deduction is to bring down the taxable value of your home. According to DC's Office of Tax and Revenue, the deduction reduces your property's assessed value by $78,700.
If you're a renter in D.C. who makes under $40,000 a year, you may be eligible for a trim or even a refund on your city income taxes. D.C.'s Schedule H Homeowner and Renter Property Tax Credit has been around since 1977, and it's meant to offset the cost of property taxes for homeowners and renters.
Today, each state has its own homestead laws, which can protect a certain portion of the property owned by the head of a household from being confiscated and sold to satisfy debts. Homestead protection laws are intended to prevent homeowners from becoming homeless in the event of extreme financial hardship.
Who Qualifies For The DC Homestead Deduction?An owner-occupant of one residential property (1-5 units). Must be a principal residence;Resident of the District of Columbia.Must be a US Citizen in most cases.
Brief Overview of Washington, D.C. Homestead Protection LawsWashington, D.C. has a very unique homestead protection law that identifies several different types of property that may be exempted in a bankruptcy filing.
As of 2021, under the federal exemption the homestead exemption for someone's primary residence is $25,150 in equity if filing alone and $50,300 in equity if filing married together.
The Homestead, Senior Citizen and Disabled Property Tax Relief Application can also be filed using the paper form by requesting a waiver from the electronic filing requirement. If waiver is granted, the application can be obtained through Customer Service by calling (202) 727-4TAX (4829).
Virginia homestead laws allow residents to designate up to $5,000 worth of real estate (including mobile homes) as a homestead, plus $500 for each dependent. If a resident is sixty-five years of age or older, or a married couples files for an exemption together, up to $10,000 may be exempted under the homestead laws.